Auditing and Assurance Services (16th Edition)
Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
Question
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Chapter 2, Problem 18DQP

a.

To determine

State the organization that is responsible for establishing Country U. S standards used by CPA firms while auditing financial statements prepared by organizations based in the Country U.S.

b.

To determine

Identify the organization that is responsible for establishing auditing standards internationally.

c.

To determine

Explain the extent to which AICPA auditing standards and international auditing standards similar.

d.

To determine

Identify the process of the AICPA Auditing Standards Board (ASB) used to develop AICPA auditing standards.

e.

To determine

Explain the extent to which PCAOB auditing standards are impacted by international standards.

f.

To determine

State the auditing standards that must be followed by the audit firm while auditing a client located in a foreign country that is listed on both a foreign stock exchange and Country U.S stock exchange.

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Students have asked these similar questions
In recent years the move by accounting firms to offshore tax and consulting work has grown and expanded into audit work. What are the ethical concerns that might be raised about the practice of electronically transmitting audit information to offshore centers like those in India that provide accounting professionals to audit U.S. corporations’ financial statements?
How does auditing differ in the global environment? If the US publicly traded companies are required to have their financial statements audited by firms registered and inspected by the PCAOB, what are the implications if the foreign governments will not allow PCAOB inspectors into these audit firms?
Which of the following groups is responsible for developing auditing standards for public firms in the U.S.?  A.  American Institution of Certified Public Accountant (AICPA)B.  Public Company Accounting Oversight Board (PCAOB)C.  Organizations for Economic Cooperation and Development (OECD)D.  Center for Audit Quality (CAQ)
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